Evolution To Acquire 100% Of Slot Provider Big Time Gaming
Soon after acquiring NetEnt last year, Evolution Gaming is again in the news of their next acquisition!
On the 14th of April 2021, Evolution Gaming Group AB made a public statement that they have come into an agreement to acquire the entire capital of one of the very popular online casino game provider Big Time Gaming.
The agreement is capable of reaching up to €450 million, they say it will be paid in cash and Evolution shares.
“With the addition of Big Time Gaming to our portfolio of slot brands, we strengthen our strategic position as the leading provider of digital casino games in the world. Big Time’s focus on innovation and creating unique playing experiences is a great fit with our culture and mindset at Evolution. We look forward to continuing our journey together.” – Says Jens von Bahr, chairman, Evolution.
“Evolution and Big Time Gaming are both driven by innovation, hence the perfect match. A bright and entertaining future awaits for our players.” – Says Nik Robinson, CEO, Big Time Gaming
About Big Time
Big Time Gaming is the cheif leader in online slot development giving its very much loved slots to more than 350+ casino operators. They have developed some of the most acknowledged online slots including Bonanza, Extra Chilli as well as the Megaways™ game engine that allows players to have 117,649 ways to win. Big Time Gaming is based in Australia. For more details read our detailed Big Time Gaming Review.
About Evolution Gaming
Evolution Gaming Group AB (publ) (”Evolution”) creates, deliveres, markets and licenses fully-integrated B2B Live Casino solutions to gaming operators. Since its beginning in 2006, Evolution is now a leading B2B provider with 500+ operators among its customers. The Evolution Gaming group currently is a team of about 9,500 people in studios across Europe and in North America. The parent company is situated in Sweden and listed on Nasdaq Stockholm with the ticker symbol- EVO.
Agreement Details
As per the press release, Evolution is prepared to consider paying €220 million in up-front consideration.
Further to this, Evolution will likewise pay procure out payments based on the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Big Time Gaming. The procure out will be based on the EBITDA for 2022/23 and 2023/24, respectively.
An amount of €80 million will be paid in real money (cash), and the rest will be paid in in a normal issue of roughly 1,120,000 new Evolution shares.
The exchange is relied upon to be finished sooner or later during Q2 of 2021.
